We here at Davies Corporate Finance are pleased that the British Business Bank has recognised that asset financeis a market solution to the problem of small business lending. It was also recognised that asset finance has a very high application success rate for the many SMEs which already use it, and is an important part of the UK’s investment recovery story.
The Small Business, Enterprise and Employment Bill, which is currently being considered in the House of Lords, will enable government to outlaw the ban on invoice assignments. Currently smaller businesses are unable to get funding against the value of their unpaid invoices as these invoices, which display the debts owed to them by customer, are currently disregarded. Therefore, in the future smaller businesses and enterprises should be able to get easier access to funding by having these taken in to consideration.
Similarly, Small businesses in the UK were celebrated on the 6th of December as part of a scheme to promote, support and inspire local businesses. The campaign has proved successful from the information gathered at last year’s ‘Small Business Saturday’.
- 48% of UK consumers were aware of the day
- Over 1.5 million Facebook views and #SmallBizSatUK trending top 3 all day
- 40% of all Local Authorities supported the campaign
- Over £460 million was spent in small businesses on the day
Starting out as a new business no matter what size couldn’t be tougher when your company, organisation or enterprise relies on other assets and their acquisition for growth.
However as a financing option, asset finance makes this difficulty one less thing to worry about by providing the option for growth through a flexible loan approach which allows businesses to obtain the required assets so that they can develop while protecting their cash flow, earn tax benefits and profits too.
Whatever you’re planning on doing for your business feel free to browse our website for our range of financing options and if you have any questions our friendly team of specialists will be more than happy to assist you further.
